Economy
Investors Stake N20.9bn on 1.5 billion Shares in Five Days
By Dipo Olowookere
The stock market in Nigeria was relatively busy last week as investors showed a renewed interest in the market, resulting in the 2.95 per cent week-on-week growth posted at the close of transactions last Friday.
In the week, the All-Share Index and market capitalisation of the Nigerian Exchange (NGX) Limited closed higher at 43,253.01 points and N22.572 trillion respectively.
Similarly, all other indices finished higher with the exception of banking, insurance, NGX-AFR Bank Value, NGX AFR Div Yield, NGX MERI Growth, energy and industrial goods indices, which depreciated by 1.13 per cent, 2.25 per cent, 1.83 per cent, 0.44 per cent, 0.80 per cent, 0.69 per cent and 0.01 per cent respectively, while the ASeM, growth and sovereign bond indices closed flat.
However, the price movement chart showed that there were 27 appreciating stocks, higher than 23 of the previous week, while there were 36 depreciating shares, lower than 43 in the previous week, with 93 equities trading flat, higher than 90 of the earlier trading week.
Neimeth was the highest price gainer in the week, rising by 12.50 per cent to N1.98 and was trailed by Red Star Express, which grew by 12.18 per cent to N3.50.
Airtel Africa appreciated by 11.75 per cent to trade at N871.70, FTN Cocoa gained 10.00 per cent to sell for 44 kobo, while Veritas Kapital jumped by 9.52 per cent to quote at 23 kobo.
The heaviest price loser, according to data obtained by Business Post, was Conoil as its share price depleted by 14.90 per cent to N21.70.
Pharma Deko dropped 9.83 per cent to N2.11, CWG declined by 9.73 per cent to N1.02, Berger Paints depleted by 9.52 per cent to N8.55, while Custodian Investment declined by 9.47 per cent to N7.65.
At the close of transactions for the week, which had five trading sessions, investors bought and sold 1.5 billion shares worth N20.9 billion in 20,410 deals as against the 1.4 billion shares valued at N12.4 billion traded in 23,987 deals the preceding week.
Financial stocks led the activity chart with 996.6 million units worth N10.279 billion in 10,565 deals, accounting for 67.74 per cent and 49.09 per cent of the total equity turnover volume and value respectively.
The second place was occupied by conglomerates equities with a turnover of 203.3 million units worth N1.2 billion in 834 deals, while consumer goods shares claimed the third place with the sale of 105.4 million units valued at N3.2 billion transacted in 2,789 deals.
The trio of FBN Holdings, Sterling Bank and UACN were the most active stocks in the week with 519.0 million units sold for N4.1 billion in 1,787 deals, contributing 35.28 per cent and 19.37 per cent to the total trading volume and value respectively.
By Adedapo Adesanya
The Nigeria Revenue Service (NRS) has unveiled a unified Taxpayer Identification (Tax ID) system for all taxable persons across the country as part of efforts to strengthen tax administration and improve transparency.
The agency announced the development in a public notice issued jointly with the Joint Revenue Board (JRB) on Monday.
According to the notice, the initiative is backed by Sections 6, 7, and 8 of the Nigeria Tax Administration Act, 2025, which mandate every taxable person in Nigeria to obtain a Tax ID, in a wider move to expand the country’s tax base.
The NRS said the new framework is designed to create a centralised and harmonised taxpayer database that would enhance interactions between taxpayers and revenue authorities at both federal and sub-national levels.
“The Tax ID will serve as a single, unified identity for all taxpayers, enabling seamless interaction with tax authorities at both federal and sub-national levels. It is designed to consolidate taxpayer records, eliminate duplication, and ensure more efficient management of tax-related information,” the agency stated.
The revenue agency explained that the new system would simplify tax compliance procedures, including taxpayer registration, filing of returns, and payment processes.
According to the NRS, the framework is also expected to improve accountability and reduce leakages in tax collection by creating better visibility and tracking of taxpayer information nationwide.
“The initiative will simplify tax compliance processes, including registration, tax filing, and payment procedures. The system will improve transparency by enabling better visibility and tracking of taxpayer records while reducing leakages and improving accountability in tax collection. The framework will also harmonise taxpayer information across all levels of government,” the notice added.
The agency further disclosed that the new Tax ID system would replace the existing Tax Identification Number (TIN) Validation API currently used by Ministries, Departments and Agencies (MDAs), financial institutions, and other organisations for taxpayer verification.
By Adedapo Adesanya
Three bellwether stocks weakened the NASD Over-the-Counter (OTC) Securities Exchange by 1.31 per cent on Monday, May 18.
This brought the NASD Unlisted Security Index (NSI) by 54.71 points to 4,133.70 points from 4,188.41 points, and shrank the market capitalisation by N32.73 billion to N2.473 trillion from N2.506 trillion.
Yesterday, FrieslandCampina Wamco Plc contracted by N12.45 to sell at N146.55 per share compared with last Friday’s closing price of N159.00 per share, Central Securities and Clearing System (CSCS) Plc declined by N2.34 to N70.00 per unit from N72.34 per unit, and NASD Plc lost 50 Kobo to trade at N34.50 per share versus N35.00 per share.
The trio overpowered the N5.56 gained Newrest Asl Plc. This stock ended the trading session at N61.15 per unit, in contrast to the previous session’s N55.59 per unit.
During the trading day, the volume of securities traded by investors slid by 56.1 per cent to 514,142 units from 1.2 million units, and the value of securities dropped 29.8 per cent to close at N17.4 million versus N29.8 million, while the number of deals jumped 12.5 per cent to 27 deals from 24 deals.
Great Nigeria Insurance (GNI) Plc remained the most traded stock by value on a year-to-date basis, with 3.4 billion units sold for N8.4 billion, followed by CSCS Plc with 60.8 million units exchanged for N4.1 billion, and Okitipupa Plc with 27.9 million units traded for N1.9 billion.
GNI Plc also ended the day as the most traded stock by volume on a year-to-date basis with 3.4 billion units worth N8.4 billion, trailed by Resourcery Plc with 1.1 billion units valued at N415.7 million, and Infrastructure Guarantee Credit Plc with 400 million units transacted for N1.2 billion.
By Adedapo Adesanya
It was a horrible day for the Nigerian Naira in the different segments of the foreign exchange (FX) market on Monday, May 15, as its value further weakened against the United States Dollar.
In the black market window, the Naira lost N5 against the Dollar yesterday to sell for N1,390/$1 compared with the previous value of N1,385/$1, but at the GTBank forex counter, it remained unchanged at N1,383/$1.
In the Nigerian Autonomous Foreign Exchange Market (NAFEX), the Nigerian currency depreciated against the greenback by N2.66 or 0.19 per cent to sell for N1,373.70/$1 compared to last Friday’s rate of N1,371.04/$1.
Equally, it fell against the Pound Sterling in the same market segment by N9.05 to trade at N1,839.66/£1 versus N1,830.61/£1, and lost N5.42 on the Euro to close at N1,600.49/€1 versus N1,595.07/€1.
The performance of the local currency during the session indicates early worries despite all signals pointing to stability, amid improved Dollar sales by the Central Bank of Nigeria (CBN), with steady, higher oil receipts to bolster the nation’s reserves.
Activity at the market showed that turnover rose 57.3 per cent to $76.29 million on Monday from $48.49 million posted on Friday.
Over the weekend, S&P raised Nigeria’s credit ratings for the first time since 2012 and highlighted improved FX market liquidity and $10 billion turnover recorded in April 2026 as one of the major gains of the CBN-led FX reforms.
The agency said the liberalisation of the exchange rate has bolstered access to foreign currency and enabled a market-driven exchange-rate environment while supporting investor and consumer confidence.
Meanwhile, the cryptocurrency market was bullish on Monday as investors monitored developments in the Iran conflict and weighed the impact of surging oil prices on inflation and US interest-rate expectations.
Ethereum (ETH) gained 0.7 per cent to trade at $2,134.10, Cardano (ADA) rose by 0.6 per cent to $0.2515, Solana (SOL) expanded by 0.3 per cent to $85.11, Binance Coin (BNB) jumped 0.2 per cent to $643.29, TRON (TRX) increased by 0.03 per cent to $0.3565, and Bitcoin (BTC) advanced by 0.02 per cent to $76,912.12.
On the flip side, Dogecoin (DOGE) slid by 1.5 per cent to $0.1044, and Ripple (XRP) decreased by 0.5 per cent to $1.38, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) traded flat at $1.00 apiece.
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